JEEVAN SARAL - ATM PLAN

'JEEVAN SARAL' is a unique plan having good features of the conventional plans and the flexibility of unit-linked plans.

Salient Features
Risk Coverage : First policy which provides 250 times of basic monthly premium + Return of premiums + Loyality Addition (if any).
Children between age 1 to 12 years are eligible.
Term Assurance Rider Option: An amount equal to the Term Assurance Sum Assured is payable only on death of the policyholder during the policy term.
Benefits
Maturity Benefits: Maturity S.A. + Loyality Additions, if the policy was in force for a minimum of 10 policy years.
Death Benefit: 250 times the monthly basic premium + return of premium paid (excluding extra/rider premium and 1st year premium) + Loyality additions, if any.

Surrender Value: Policy can be surrenered after a minimum 3 years premiums have been paid. Surrender Value will be more than Guaranteed Surrender Value.
Guaranteed Surrender Value: Guaranteed Surrender Value will be equal to 30% of the total premiums paid (excluding the 1st year premium + all the extra premiums + accident benefit + term rider premiums).
Special Surrender Value:
If less than 4 years premiums paid - 80% of the maturity S.A.
Between 4 & less than 5 years premiums paid - 90% of maturity S.A.
If 5 years and above premiums paid - 100% of maturity S.A.

Interest from the date of first unpaid premium till the date of surrender in above 3 points. Interest to be paid is taken in whole months and fraction of a month will be ignored.
Loyality Additions, if any, valued as at 31st March, preceding the date or surrender will be paid.
Paid up Value: The policy will acquire paid-up value if atleast 3 years premium have been paid.
Partial Surrender: A portion of the policy can be surrendered and money can be received from LIC, if premiums, have been paid for a minimum of 3 years, subject to the following conditions:
The basic annual premium and all other benefits will be reduced to the extent of partial surrender.

If a policy loan is outstanding, partial surrender is not allowed.
Any no. of times, partial surrender is allowed.
There should be a gap of minimum of one year between two successive partial surrenders.
The mimum basic annual premium that can be surrender at a time is Rs.1,200/- p.a. and should be in mumtiples of Rs.600/- p.a. thereafter.
The reduced basic annual premium after surrender shouldnot be less than Rs.3,000/- p.a. for age upto 49 years and Rs.4,800/- p.a. for age 50 and above.
The accident benefit, term rider benefit and additional premium payable will also be reduced proportionately.

Restrictions
Minimum Age at Entry : 12 years
Maximum Age at Entry : 60 years
Maximum Maturity Age : 70 years
Minimum Term : 10 years
Maximum Term : 35 years
For Age 12 to 49 years : Minimum Premium is Rs.250/- p.m.
For Age 50 to 60 years : Minimum Premium is Rs.400/- p.m.
Maximum Premium : Rs. 10,000/- p.m.
Premium in multiples of Rs. 50/- p.m. thereafter
Mode of Premium : Yearly, Half-Yearly, Quarterly, Monthly
Accident Benefit & Disability is allowed (with extra premium) Standard age proof required.

LIC’s Jeevan Saral V/s Monthly Recurring Scheme

*This is like a Post Office’s R.D. Scheme. You can deposit Yearly, Half-yearly, Quarterly or Monthly (ECS) in LIC Scheme.

*Maturity received in LIC Scheme is Tax Free under section 10(10D) of Income Tax Act.

*You can withdraw partial or full amount if necessary after 3 years.

*The amount deposited in LIC is exempted under section 80C of Income Tax Act.
You can continue LIC Scheme after 10 years . You cannot continue Post Office Scheme after 10 years.

*In case of death 250 Times monthly premium + total premium paid (- 1st year premium & extra premium paid) + L.A., if any, payable.

*If you forget to take maturity at the end of 10 years, you can get return beyond 10 years in LIC Scheme. This is not available in Post Office Scheme.

*Age group 12 to 60 years

*This Policy has earned Golden Peacock Award.